Estados financieros detallados de GCM Grosvenor Inc. (GCMG): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
GCM Grosvenor Inc. registró ingresos de $550.1M en el último ejercicio fiscal, con un CAGR de 5 años del 4.8%. El beneficio neto alcanzó $45.4M, con un CAGR a 5 años del 62.1%.
Márgenes de los últimos 12 meses: margen bruto 99.3%, margen operativo 28.3%, margen neto 7.9%. El flujo de caja libre creció a un CAGR del 21.2% en 5 años.
Al precio actual de $12.68, GCMG cotiza a un P/E de 16.35 y un ROE del 252.74%. La capitalización bursátil es de $2.4B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $377.0M | $378.5M | $416.6M | $434.2M | $538.6M | $452.0M | $436.1M | $503.5M | $550.1M |
| Coste de Ventas | 0 | 0 | 0 | $10.3M | $9.8M | $4.0M | $11.6M | $2.7M | $3.3M | $4.4M |
| Beneficio Bruto | 0 | $377.0M | $378.5M | $406.2M | $424.4M | $534.6M | $440.4M | $433.4M | $500.2M | $545.7M |
| I+D | 0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $2875 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $104.8M |
| Gastos Operativos | $2875 | $304.5M | $303.4M | $326.5M | $485.2M | $408.4M | $328.6M | $452.7M | $453.3M | $398.0M |
| Beneficio Operativo | -$2875 | $72.5M | $75.1M | $79.7M | -$60.8M | $126.2M | $111.8M | -$19.3M | $46.9M | $147.7M |
| EBITDA | -$2875 | $109.6M | $103.2M | $98.5M | -$41.2M | $184.2M | $125.6M | -$3.9M | $67.2M | $174.7M |
| Gastos por Intereses | 0 | $23.4M | $26.5M | $25.8M | $27.7M | $27.1M | $28.8M | $14.9M | $13.7M | $15.3M |
| Beneficio Antes de Impuestos | -$5755 | $72.5M | $65.1M | $62.3M | -$78.7M | $153.1M | $89.1M | -$21.5M | $50.2M | $154.9M |
| Impuestos | -$2880 | $72.5M | $1.4M | $2.3M | $4.5M | $11.0M | $9.6M | $7.7M | $13.6M | $12.9M |
| Beneficio Neto | -$2875 | $74.3M | 0 | 0 | $4.0M | $21.5M | $19.8M | $12.8M | $18.7M | $45.4M |
| BPA | $-0.00 | $1.86 | $1.60 | $1.50 | $0.10 | $0.49 | $0.45 | $-1.23 | $0.42 | $0.87 |
| BPA Diluido | $-0.00 | $1.86 | $1.60 | $1.50 | $0.18 | $0.49 | $0.28 | $-0.28 | $0.03 | $0.42 |
| Acciones en Circulación (Diluidas) | $39.9M | $39.9M | $39.9M | $39.9M | $40.0M | $43.8M | $188.6M | $187.4M | $190.6M | $197.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $133.0M | $175.4M | $123.4M | $133.0M |
| Beneficio Bruto | $131.9M | $174.3M | $122.5M | $131.9M |
| Beneficio Operativo | $44.1M | $62.3M | $19.1M | $34.1M |
| EBITDA | $53.5M | $69.1M | $25.3M | $39.6M |
| Beneficio Neto | $10.5M | $19.0M | $5.5M | $9.6M |
| BPA | $0.20 | $0.33 | $0.09 | $0.16 |
| BPA Diluido | $0.16 | $0.18 | $0.06 | $0.12 |
Balance (10 años)
| Año | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $45890 | $68.1M | $79.9M | $198.1M | $96.2M | $85.2M | $44.4M | $89.5M | $242.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | $32.5M | $44.9M | $95.3M | $125.1M | $48.3M | $65.9M | $99.4M | $112.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $144280 | $107.4M | $124.8M | $293.4M | $221.3M | $133.5M | $110.3M | $188.9M | $354.5M |
| Inmovilizado Material | 0 | $7.4M | $8.9M | $7.9M | $5.4M | $17.1M | $45.9M | $63.8M | $69.9M |
| Fondo de Comercio | 0 | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M |
| Activos Intangibles | 0 | $23.9M | $16.1M | $8.6M | $6.3M | $3.9M | $2.6M | $1.3M | 0 |
| Activos Totales | $37930 | $371.6M | $373.2M | $632.3M | $581.6M | $488.9M | $504.9M | $612.7M | $813.8M |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | $25.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $53919 | $96.3M | $41.9M | $73.7M | $69.4M | $64.6M | $62.9M | $61.5M | $151.5M |
| Deuda a Largo | 0 | $432.2M | $423.5M | $335.2M | $390.5M | $387.6M | $384.7M | $432.0M | $428.4M |
| Pasivos Totales | $719 | $572.7M | $587.0M | $599.3M | $637.4M | $582.9M | $616.2M | $703.1M | $686.3M |
| Reservas | $44471 | -$73000 | -$308.4M | -$29.8M | -$26.2M | -$23.9M | -$32.2M | -$35.0M | -$16.3M |
| Patrimonio Neto | $98390 | -$326.8M | -$315.3M | -$29.3M | -$25.7M | -$19.8M | -$27.6M | -$27.6M | $27.0M |
| Deuda Total | 0 | $432.2M | $448.5M | $335.2M | $390.5M | $403.1M | $426.2M | $485.9M | $480.2M |
| Deuda Neta | -$45890 | $364.1M | $368.6M | $137.0M | $294.3M | $318.0M | $381.9M | $396.5M | $238.1M |
| Capital Circulante | $90361 | $11.1M | $82.9M | $219.7M | $151.9M | $68.9M | $47.4M | $127.3M | $203.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $182.7M | $242.1M | $164.4M | $139.6M |
| Activos Totales | $685.9M | $813.8M | $688.8M | $677.0M |
| Pasivos Totales | $682.1M | $686.3M | $566.5M | $554.6M |
| Patrimonio Neto | -$7.4M | $27.0M | $25.5M | $25.3M |
| Deuda Total | $481.5M | $480.2M | $414.5M | $412.9M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $53.0M | $63.7M | $60.0M | $4.0M | $21.5M | $19.8M | $12.8M | $36.6M | $45.4M |
| Amortizaciones | $11.9M | $11.7M | $10.3M | $9.8M | $4.0M | $7.7M | $2.7M | $3.3M | $4.4M |
| Compensación en Acciones | $1.4M | $21.3M | 0 | $4.6M | $47.5M | $32.1M | $126.7M | $31.4M | $46.0M |
| Cambio en Capital Circulante | -$2.4M | $16.3M | -$18.9M | -$60.5M | $12.2M | $28.8M | -$11.8M | -$16.9M | -$28.1M |
| Flujo de Caja Operativo | $126.6M | $117.0M | $96.2M | $68.2M | $178.8M | $216.5M | $92.1M | $148.8M | $183.5M |
| Inversiones (CapEx) | -$1.2M | -$868000 | -$4.0M | -$1.3M | -$577000 | -$782000 | -$3.8M | -$16.7M | -$8.5M |
| Adquisiciones | 0 | 0 | 0 | -$18.4M | -$14.9M | -$21.9M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$6.7M | -$887000 | -$26.4M | -$4.5M | -$12.7M | -$30.7M |
| Dividendos Pagados | -$170.2M | -$82.2M | 0 | -$153.7M | -$14.5M | -$18.4M | -$20.3M | -$20.5M | -$25.3M |
| Flujo de Caja Libre | $125.4M | $116.2M | $92.2M | $66.9M | $178.2M | $215.7M | $88.3M | $132.0M | $175.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $79.8M | $28.5M | $51.7M | $38.1M |
| Inversiones (CapEx) | -$1.5M | -$4.6M | -$3.8M | $3.8M |
| Flujo de Caja Libre | $78.3M | $23.9M | $47.9M | $42.0M |
| Dividendos Pagados | -$5.9M | -$7.4M | -$7.5M | -$9.2M |
| Compensación en Acciones | $5.8M | $12.5M | $24.6M | $9.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +0.4% | +10.1% | +4.2% | +24.0% | -16.1% | -3.5% | +15.5% | +9.2% |
| Crecimiento Beneficio Neto (anual) | | +2586013.0% | -100.0% | | | +430.6% | -7.7% | -35.5% | +46.4% | +142.7% |
| Crecimiento BPA (anual) | | +2586583.4% | -14.1% | -6.3% | -93.3% | +390.0% | -8.2% | -373.3% | +134.1% | +107.1% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +0.0% | +0.2% | +9.5% | +330.9% | -0.6% | +1.7% | +3.5% |
| Crecimiento FCF (anual) | | -7.4% | -20.6% | -27.5% | +166.6% | +21.0% | -59.1% | +49.5% | +32.6% |
| Margen Bruto | | 100.0% | 100.0% | 97.5% | 97.7% | 99.3% | 97.4% | 99.4% | 99.3% | 99.2% |
| Margen Operativo | | 19.2% | 19.8% | 19.1% | -14.0% | 23.4% | 24.7% | -4.4% | 9.3% | 26.9% |
| Margen EBITDA | | 29.1% | 27.3% | 23.6% | -9.5% | 34.2% | 27.8% | -0.9% | 13.3% | 31.8% |
| Margen Neto | | 19.7% | 0.0% | 0.0% | 0.9% | 4.0% | 4.4% | 2.9% | 3.7% | 8.2% |
| Margen FCF | 33.3% | 30.7% | 22.1% | 15.4% | 33.1% | 47.7% | 20.2% | 26.2% | 31.8% |
| Tasa Impositiva Efectiva | 50.0% | 100.0% | 2.1% | 3.7% | -5.7% | 7.2% | 10.8% | -35.8% | 27.0% | 8.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $3.14 | $2.91 | $2.31 | $1.67 | $4.07 | $1.14 | $0.47 | $0.69 | $0.89 |
| Dividendo por Acción | $4.26 | $2.06 | $0.00 | $3.84 | $0.33 | $0.10 | $0.11 | $0.11 | $0.13 |
| Acciones en Circulación (Básicas) | $39.9M | $39.9M | $39.9M | $39.9M | $40.0M | $43.8M | $43.9M | $43.2M | $44.7M | $52.0M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 252.74% |
| Rentabilidad sobre capital invertido | 60.69% |
| Rentabilidad sobre activos | 6.57% |
| Margen bruto | 99.25% |
| Margen operativo | 28.25% |
| Margen neto | 7.88% |
Salud financiera
| Deuda / Patrimonio | 16.30 |
| Ratio corriente | 2.55 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.06 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -135363.46 | 5.23 | 6.09 | 6.83 | 133.20 | 21.43 | 16.91 | -7.28 | 29.21 | 13.01 |
| P/VC | 3955.38 | 0.00 | -1.19 | -1.30 | -18.15 | -17.87 | -16.85 | -14.01 | -19.88 | 21.81 |
| P/V | 0.00 | 1.03 | 1.03 | 0.98 | 1.23 | 0.85 | 0.74 | 0.89 | 1.09 | 1.07 |
| Margen Bruto | 0.0% | 100.0% | 100.0% | 97.5% | 97.7% | 99.3% | 97.4% | 99.4% | 99.3% | 99.2% |
| Margen Operativo | 0.0% | 19.2% | 19.8% | 19.1% | -14.0% | 23.4% | 24.7% | -4.4% | 9.3% | 26.9% |
| Margen Neto | 0.0% | 19.7% | 0.0% | 0.0% | 0.9% | 4.0% | 4.4% | 2.9% | 3.7% | 8.2% |